September 1st, 2017
The Future of Parking Spaces
Have you paid attention to the parking trends within your apartment community and neighborhood? If you haven’t it’s time to evaluate your current parking situation! If you are in an area that is saturated with cars, you will notice that recently, driving habits have changed!
Millennials are now applying less for driver’s licenses and own less cars. Because of this, apartments starting to change/evolve community layouts to take into account the declining demand for a parking spaces. Today, multifamily pros designs are now looking for a way to create less parking or creating a way to construct a structure that will adapt to the future usage such as storage or an office space.
Although a decrease in parking spaces is not the case in all multifamily markets, developers are not only looking for ways to spend less money on parking garages but finding a way to modernize them and create a structure with less parking.
No matter what parking situation there is in the market, it will change due to the change in millennials and their current desire on getting rid of their car. The demand for a parking space is low and the demand for change is high.